Ipic profit up 23pc to $2.2bn in 2013

Dubai, April 30, 2014

International Petroleum Investment Co (Ipic) made a net profit of 7.9 billion dirhams ($2.2 billion) in 2013, up from 6.4 billion dirhams in the previous year, marking a 23.4 per cent increase, benefiting from a recovery in global equity markets.

Ipic, which focuses on investments in energy and related sectors, saw its total assets grow to 251.2 billion dirhams at the end of 2013, up from 239.3 billion on Dec. 31, 2012.

This, the fund said, was due to a recovery in global equity markets, appreciation in the euro/dollar exchange rate, and business acquisitions made over the year. It did not provide any further details, such as what it bought in 2013.

Ipic owns stakes in a number of Europe-based companies, including Spain's Cepsa and Austria's OMV. It also owns part of Italian lender UniCredit through its Aabar Investments unit.